Bitcoin

From Morgan Stanley to the State of Wisconsin, Here’s Who Just Invested Billions in Bitcoin ETFs

Published

8 months ago

21 May, 2024

From Morgan Stanley to the State of Wisconsin, Here's Who Just Invested Billions in Bitcoin ETFs

The 13Fs were eliminated: institutional investment managers submitted their quarterly reports to the Security and Exchange Commission that disclose shareholdings in the first quarter. For the 10 spot Bitcoin exchange-traded funds that began trading in January, it is the first official analysis of who has added significant exposure to the original cryptocurrency.

Some 944 companies with a size of at least US$100 million reported having purchased from ETFs, shows analysis of Bitwise logs. In comparison, this is 10 times the number of investments in gold ETFs. The issuer that attracted the most interest was Black stonefrom IBIT, which added 414 institutional investors.

Collectively, professional investors hold exposure to more than $10.7 billion. In total, the 10 funds had about $54 billion in assets under management as of May 20, according to CoinGlass data.

“There were more people than I expected,” Eric Balchunas, senior ETF analyst at Bloomberg, told Fortune. “It’s absurd. It’s crazy. A good first season of 13F would maybe be 10. That’s how difficult it is. And then to have 414 is just crazy.”

Who is Buying Bitcoin ETFs (According to 13F Filings)

Three lessons from Bitwise’s CIO @Matt_Houganweekly memo to investors.

Conclusion 1: Many professional firms own Bitcoin ETFs

563 professional investment firms reported holding $3.5 billion worth of bitcoin ETFs in… pic.twitter.com/YCOKPpQqgE

– Bitwise (@BitwiseInvest) May 15, 2024

Hedge funds dominated the list. Of these, the largest to acquire shares was Millennium Management, a New York-based fund that has invested $2 billion in various ETFs, as of March 31. Boston-based hedge fund Bracebridge Capital is also among the funds, which has $262 million. of shares in the ARK 21Shares ETF and US$81 million in IBIT. Bracebridge’s clients include institutional investors, such as endowments Yale University and Princeton University.

“I’ve been saying for some time that of the top 100 hedge funds in the world, we’ve seen that about a third of them are active in the market. [Bitcoin ETF] space, but seeing is believing,” Brett Tejpaul, head of institutional trading at Coin base, said last week at Fortune’s Future of Finance conference. “Being able to look at these records and see super recognizable names that own very significant amounts of ETFs is an incredible moment.

The story continues

According to 13F reports, 937 professional firms were invested in US spot ETFs as of March 31. In comparison, gold ETFs had 95 professional companies invested in in the first quarter (Bitwise).

Retail has the majority of the float. Professional investors had an exposure of US$11.06 billion… pic.twitter.com/jYEQZkpDiT

– Vetle Lunde (@VetleLunde) May 16, 2024

The number of hedge funds with holdings also exceeded Balchunas’ expectations. He estimates that some of the interest may reflect commercial intentions that include arbitration: “There’s a lot of ‘arbitration’ you can do – but that’s a good thing, as it helps everyone get a better deal.”

‘Surprised to see a pension already’

A document from the Wisconsin state investment board, which manages $156 billion in state pensions, revealed IBIT purchases worth more than $99 million and an additional $63 million in Shades of grayof the Bitcoin Trust (GBTC).

“I was surprised to see a guesthouse already,” Balchunas said. “I didn’t think we would see pensions or grants until at least the second quarter, or even for a year. These are the institutions that move the slowest.”

Major banks have also dipped their toes in the water.

Several so-called “Global Systemically Important Banks”, or G-SIBs, have disclosed investments in the products, including the Royal Bank of Canada, Wells Fargo, BNP Paribasand UBS. This list also includes Morgan Stanleywhich revealed a $269.9 million investment in GBTC, making it one of the fund’s largest holders, following a $1 billion investment from Susquehanna International Group, a quantitative trading firm, according to Fintel data.

The overall group of investors – pensions, hedge funds and registered investment advisors – entering the space, said Nathan Geraci, president of The ETF Store, “is highly notable given that these investors tend to act much more methodically when deals with new products, due to highly rigorous due diligence processes.”

This story was originally featured in Fortune.com

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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